Day Trading Guide: 2 stock recommendations for Tuesday's session

Following Friday’s throwback, Nifty fell below prior week’s low, however, the bulls managed to defend the 17,000 mark. Also, an upward gap that Nifty formed on March 17 remains intact. Another failed attempt to provide negative follow-up action ensures the continuation of recent consolidation above the 17,000 zone.

Bank Nifty snapped its three-session losing streak. On the downside, it defended levels of 35,000. Mild consolidation is possible, while any major action on either side is unlikely.

After losing ~31% from the 52-week high, Nifty Realty index has been trending up for the past few weeks. A stock-specific rally is likely in the index.


Midcap 100 and Smallcap 100 indices remained weak and stocks-specific corrections within broader indices are possible.

Recommendations

Buy Oberoi Realty near Rs 940-935
Stop loss: Rs 903
Target: Rs 1,110

Post few days of consolidation, the stock has gained positive traction. A sustained move above short-term averages is likely to keep near term structure positive.

Buy Bharti Airtel 740 March call option near Rs 5
Stop loss: Rs 2
Target: Rs 11

Recent throwback found renewed buying interest near the 50-day average. The appearance of a sizable bullish candle is likely to lift the stock till Rs 755 zone.

(Amit Trivedi is CMT, Technical Analyst - Institutional Equities, YES Securities.)